Data Driven Culture,
Automation Culture &
Cyber Security Culture
+20 Years High Tech experience in permanent change culture.
Grew businesses / departments from $50K to $5M.
Trainer in : Data Driven Culture, Data Storytelling, Analytics Translation. Hyper Automation Culture, Cyber Security Culture...
First be clear about the culture of your future team (a winning team does not mean anything). Second, Define the different roles and the personalities needed for these roles (like a sports team that has offense and defense). Finally, make sure your processes are clear to the team and the individuals.
There is an alarm bell ringing in my head, when I read your post.
First question: why is he willing to give up 50% of his profit?
He might have a very good reason, but you need to know what that reason is.
His answer might be: "I want to lie all day long on the beach drinking Pina Coladas, 40% is fine thank you very much"
That is OK, as long as you are comfortable with it.
PS: I sold 66% of my company, clearly stating to my associates what my expectations were and asking them for theirs. This is working out pretty well.
Go to all potential partners, although you might find the smaller ones easier to approach.
As someone mentioned, your sales pitch is basically selling the time to market & resources. If the feature is strategic, expect they will try to develop it themselves; if not, you are in with a shot.
For the first meeting, I would not spend too much time on NDA's & patents, however I would only talk about the overall solution and partnership. DNA's and patents will become important for the following meetings.
Go for it. The worst you could do is do nothing.
PS: I think you will be pleasantly surprised on how much you will learn on your potential partners / competitors.
First of all I would read with great attention all the comments made so far... And take the few pointers you are missing.
Then I would practice, practice and practice some more. Be ruthless with on another, ask really difficult and annoying questions to eachother.
Finally, guys, you are telling a story, your story... So don't forget to enjoy the moment.